FinTech - Shaping the Financial World mit course finance technology fintech

Open APIs and Marketing Channels

  • API types
    • Local
    • Web
    • Program (RPC)
  • API service providers
    • Auth --> Auth0
    • Customer data --> Salesforce, Scale, Segment
    • Email --> Mailgun, SendGrid
    • Employment --> Checkr
    • Monitoring --> Datadog, Dynatrace, Splunk
    • Package shipping --> Shippo
    • Messaging, Video, and Voice --> MessageBird, Twilio
    • Payments/Finance --> Stripe, Plaid
  • Open API
    • Publicly available APIs that allow developers to access permissioned customer data and third party applications
  • Open banking
    • Publicly available APIs coming from the finance sector
    • TradFi becoming platforms to serve disruptors
  • Europe has created rules that payments companies need to implement APIs/access to data
  • There are a lot of data aggregators
    • Plaid
    • Envestnet/Yodlee
    • Finicity
    • Galileo
    • etc.
  • "Do we really want to allow third parties to commercialize our data?" ~ Banks
    • Some banks are blocking disrupters (eg. PNC blocked Plaid)


Study Questions / Issues to Prepare

  1. What are some major trends affecting marketing channels & customer processes for financial services?
    • Giving data up to use services (eg. Mint, CreditKarma, YNAB)
  2. How are open API initiatives influencing these trends?
    • Lots of disruptors are building businesses on/with APIs
  3. What is robotic process automation (RPA) and screen scraping? How is it being used in the financial sector and does it relate to open API technologies?
    • Incumbents are building businesses with APIs to restrict businesses from being built with RPA/screen scraping